BIOCORP: 2019 Annual Results
09 Aprile 2020 - 07:30AM
Business Wire
- Increased growth rate: record level revenues of €8,447k (+117%)
and global operating income of €9,271k
- Net profit of €960k vs a loss of €5,305k in 2018; profitability
one year ahead of strategic plan
- Sharp increase in the cash position at €2,006k
- Partnership strategy to be continued in 2020 on high value
markets. Mallya continues as the devices’ portfolio
blockbuster
Regulatory News:
BIOCORP (FR0012788065 - ALCOR / Eligible PEA PME) (Paris:ALCOR),
a French company specialized in the development and manufacturing
of medical devices and smart drug delivery systems, announces today
its annual results for the year ended on December 31, 2019, as
approved by the Board of directors on April 6th (1).
" 2019 was an excellent year for BIOCORP in many ways. In terms
of business, the company rolled out its innovation strategy at a
sustained pace. This has benefited all our activities and mainly
our digital healthcare business where BIOCORP is one of the world
leaders. In financial terms, this transformation, which has
concentrated the bulk of our investments and R&D efforts in
recent years, has enabled the company to record outstanding
business volumes and, most of all, to reach profitability faster
than anticipated. Thanks to its industrial base and its capacity
for disruption, BIOCORP has all the assets to maintain high growth
and create value for its shareholders," says Jacques Gardette,
founder and Chairman of the Board of Directors of BIOCORP.
Key financial data on 12/31/2019:
In €
12/31/2019
12/31/2018
Sales
8 447 741
3 890 416
Other operating income
823 736
-120 312
Total operating income
9 271 476
3 770 104
Operating expenses
External purchases and expenses
Taxes, duties and other levies
4 017 994
155 630
4 184 185
86 044
Wages and expenses
3 513 552
3 778 056
Other operating expenses
709 282
990 686
Total operating expenses
8 396 459
9 038 971
Net operating income
875 017
-5 268 868
Net financial income
-158 274
-261 566
Exceptional item
81 517
-107 450
Research Tax Credit and Innovation Tax
Credit
161 521
332 450
Net profit
959 781
-5 305 433
- The turnover was €8,447k in 2019, an 117% increase compared to
2018 (€3,890k). This strong growth is primarily due to the global
partnership signed with Sanofi in July 2019 concerning the Mallya
device dedicated to insulin pens. The growth rate is also the
result from sustained development activities of all BIOCORP's
businesses. As a result, revenues generated by the connected
devices activity increased last year by 470% to €6,380k compared to
€1,120k a year earlier.
- In 2019, other operating revenues amounted to €824k compared to
(€120k) in 2018. This strong growth rate is mainly due to the
recognition of outstanding production that generated an invoicing
of €1 million in January 2020.
- Operating expenses amounted to €8,396k, down 7% compared to
2018. This decrease is the consequence of controlled expenses,
mainly on the subcontracting item and the payroll.
- Thus, the operating result for 2019 is positive at €87k
compared with a negative result of (€5,269k) in 2018.
- The financial result for 2019, which amounted to (€158k)
compared to (€262k) in 2018, is mainly due to the result of
interest on bonds. The Exceptional Result for the financial year
amounts to €81k compared to (€107k) on 12/31/2018.
- BIOCORP benefited last year from RTC (Research Tax Credit) and
ITC (Innovation Tax Credit) for a total amount of €161k. In 2018,
the claim had been evaluated at €243k for the RTC and €89k for the
ITC.
- Taking into account all these elements, BIOCORP comes out with
a positive net result of €960k against a loss of € 5,305k in 2018.
This profitability is achieved one year ahead of the company's
strategic plan.
- As a result, on 31 December 2019, BIOCORP shows a strong
increase in its available cash at € 2,006k compared to € 1,341k on
31 December 2018.
2019 highlights:
- Signature of a first strategic partnership with the American
company AgaMatrix concerning the Mallya device in combination with
blood glucose monitoring solutions
- Strategic alliance with the Israeli company DreaMed Diabetes
for the digitalization of diabetes by AI (Artificial
Intelligence).
- Completion of a €1 million capital increase through a private
placement in March 2019.
- Winner of the 2019 Growth Companies Grand Prize awarded by the
French Ministry of Economy and Finance.
- CE marking (class II-b) for the Mallya connected device.
- Exclusive negotiations with SANOFI concerning Mallya (a €4
million up-front payment).
- Commercial launch of the Injay connected syringe.
- 10-year production contract with VITROBIO PHARMA and extension
of automated manufacturing lines.
- Worldwide partnership with SANOFI on Mallya (new payment of 2
M€).
- Evolution of BIOCORP's governance: dissociation of the
functions of Chairman of the Board of Directors and Chief Executive
Officer.
Post-period events:
- Reinforcement of the partnership with SANOFI around Mallya: new
payment of €1M with an additional €12M spread out until the end of
2021, bringing the total contract to more than €20M. This amount
does not include future revenues generated by the production of the
devices.
- Marketing partnership with the American company iSage RX in the
field of diabetes digitalization.
- The COVID-19 epidemic exposes the Company to a slowdown or
temporary suspension in the manufacturing of its raw materials and
products. Most of the company’s products are manufactured at its
plant in Issoire, France. However, at this date, the implementation
of prolonged restrictive measures to control the epidemic or any
other public health event in France could have an adverse effect on
the Company's production operations. Each of these factors is
likely to affect BIOCORP's business, operating income and financial
position. The impacts related to the COVID-19 epidemic on BIOCORP's
activities are still too uncertain at this stage for the Company to
communicate on quantified forecasts.
Outlooks for 2020:
Eric Dessertenne, CEO, declares: "2019 has revealed our
pioneering position in the digitalization of diabetes with the
success of our Mallya connected solution, the only device in the
world with a CE class II-b mark. Its adoption pharmaceutical giants
such as SANOFI and forefront start up in the diabetes space such as
Dreamed Diabetes or Agamatrix has been a strong signal of our
technological lead. We hope to continue this momentum in 2020 with
other international partnerships, not only in the field of diabetes
but also for other diseases where digital technology offers real
benefits to patients. BIOCORP is uniquely positioned in the
connected delivery device segment, with a technological lead and
major partnerships. We intend to accelerate our deployment and
partnerships over the next few years to take advantage of this
tremendous opportunity".
ABOUT BIOCORP Recognized for its expertise in the
development and manufacture of medical devices and delivery
systems, BIOCORP has today acquired a leading position in the
connected medical device market thanks to Mallya. This intelligent
sensor for insulin injection pens allows reliable monitoring of
injected doses and thus offers better compliance in the treatment
of diabetics. Available for sale from 2020, Mallya spearheads
BIOCORP's product portfolio of innovative connected solutions.
BIOCORP is listed on Euronext since July 2015 (FR0012788065 –
ALCOR). For more information, please visit www.biocorpsys.com.
Follow us on Twitter @BIOCORPSystems
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200408005441/en/
BIOCORP
Jacques Gardette Chairman of the Board
investisseurs@biocorp.fr
Éric Dessertenne Chief Executive Officer
Sylvaine Dessard Marketing & Communication Director
rp@biocorp.fr + 33 (0)6 88 69 72 85
ULYSSE COMMUNICATION
Bruno ARABIAN barabian@ulysse-communication.com +33 (0)6 87 88
46 26
Nicolas DANIELS ndaniels@ulysse-communication.com +33 (0)6 63 66
59 22
Grafico Azioni Biocorp (EU:ALCOR)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Biocorp (EU:ALCOR)
Storico
Da Mar 2023 a Mar 2024